SENSIENT TECHNOLOGIES CORP (SXT): restructuring charge — Sensient Q4 revenue flat, operating income plunges on $27.8M restructuring; CFO retiring, 2024 EPS guided $2.80-$2.90

Sensient Technologies Corporation (the “Company”) issued a press release on February 8, 2024, disclosing its results of operations for its quarter and year ended December 31, 2023

as well as a nominee for election to its Board of Directors at its 2024 annual meeting of shareholders. Fourth Quarter Consolidated Results • Reported revenue increased 0.2% to $349.3 million in the fourth quarter of 2023 versus last year’s fourth quarter results of $348.7 million. On a local currency basis (1) , revenue decreased 1.8%. • Reported operating income

On February 8, 2024, the Company announced that Tobin Tornehl, the Company’s current Vice President, Controller and Chief Accounting Officer, will succeed Mr. Rolfs as the Company’s Vice President and Chief Financial Officer and principal financial officer upon the effectiveness of Mr. Rolfs’s retirement.

On February 6, 2024, Stephen J. Rolfs, Senior Vice President and Chief Financial Officer of the Company, provided notice of his intent to retire from his employment with the Company on June 30, 2024.

If all contemplated actions were taken, the Company would also expect the Plan to cost approximately $40 million, including approximately $8 million in future cash expenditures in connection with the Plan. The expected total Plan costs are primarily related to non-cash impairment charges (approximately $22 million), employee separation costs (approximately $5 million), and non-cash inventory charges (approximately $3 million). If all contemplated actions were taken, the Company would potentially reduce headcount by approximately 130 positions, which would be primarily in the Flavors & Extracts and Color segments, related to certain production and selling and administrative positions.